Bank Account Minimum Balance: When our bank account is empty. To know whether banks impose charges or the account goes into minus, you must know about this rule of Reserve Bank of India. Know the complete information in detail in the news below…
RBI Rules Regarding Bank Account Minimum Balance: Nowadays there is a rule to maintain balance in the bank account. According to the instructions of the Reserve Bank of India, for not doing so, banks impose charges, which are mandatory to be paid, but what happens when the bank account is empty? To know whether banks impose charges or the account goes into minus, you must know about this rule of Reserve Bank of India…
Banks charge according to area:
As per RBI instructions, the bank has been asked to maintain minimum balance in the account. Every bank has fixed its amount. A charge is levied if the balance is less than this fixed amount. Different banks impose different charges. This could be from Hisar area. Higher fines are imposed in urban areas. Less is planted in rural areas.
Will inform by sending SMS-email or letter:
As per RBI instructions, banks will have to inform customers about non-maintenance of minimum balance. There are instructions to impose fine if the balance is not maintained within a month. Banks will send SMS, email or letter for this. Banks give time to customers to maintain the balance, which can be up to one month only. After this deadline, banks will inform the customers and impose penalty.
Banks also make slabs for charging:
As per the instructions of RBI, the penalty will be imposed in the same proportion as the amount is less in maintaining the minimum balance, that is, the charge will be imposed on the basis of fixed percentage only.
For this, banks also make a slab. The charge must be valid and not exceed the average cost. Keep in mind that the penalty for not maintaining minimum balance should not take the account into negative or minus.
